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Peters and Co Energy Conference – Bonavista Energy Corp

Bonavista Energy Corp · Sep 13, 2016 · 25 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Peters and Co Energy Conference – Bonavista Energy Corp – slide 1
    PETERS & CO. LIMITED 2016 ENERGY CONFERENCE SEPTEMBER 13 2016 1 All together better.
  2. Peters and Co Energy Conference – Bonavista Energy Corp – slide 2
    IDENTITY This is Bonavista: Our leadership team is We are ALIGNED with our EXPERIENCED: shareholders: average tenure with 8% insider ownership Bonavista of 13 years We have a FOCUSED Consistently becoming asset base: more…
  3. Peters and Co Energy Conference – Bonavista Energy Corp – slide 3
    IDENTITY CORE OPERATING AREAS Focused on two core areas: Deep Basin 23,500 boe/d production (Q4/2016E) 90% natural gas Edmonton 560 gross locations in key play inventory Deep Basin West Central 45,800 boe/d production…
  4. Peters and Co Energy Conference – Bonavista Energy Corp – slide 4
    IDENTITY STRATEGIC ASSET EXCHANGE Assets acquired: 172.8 net horizontal locations currently identified Edmonton 40.7 mmboe 2P reserves* Deep Basin 330 gross sections of land 8,500 boe/d, 2017F production Bonavista…
  5. Peters and Co Energy Conference – Bonavista Energy Corp – slide 5
    IDENTITY STRATEGIC ASSET EXCHANGE Maximizing netbacks on acquired assets: OPERATING COST OPTIMIZATION 8MM 2016 capital to 2017F Operating costs optimize production Operating costs 8-10/boe and consolidate 6-7 /boe infrastructure…
  6. Peters and Co Energy Conference – Bonavista Energy Corp – slide 6
    2016 STRATEGY 9 All together better.
  7. Peters and Co Energy Conference – Bonavista Energy Corp – slide 7
    SUMMARY 2016 Priorities: 1. Improve financial flexibility 2. Demonstrate sustainability 3. Protect funds from operations 4. Enhance efficiencies 10
  8. Peters and Co Energy Conference – Bonavista Energy Corp – slide 8
    2016 PRIORITIES SUSTAINABILITY & FINANCIAL FLEXIBILITY 2016 1,310 2016 opening net debt Budget 1,260 Capital expenditures ( millions): 2016 excess funds from operations Exploration & development 160 1,210 Net Debt (…
  9. Peters and Co Energy Conference – Bonavista Energy Corp – slide 9
    2016 STRATEGIES - PROTECTED Protecting our natural gas revenue: 500 300 4.00 450 250 3.50 Natural gas revenue ( millions) 400 Hedged volumes (thousands gjs/d) 350 26% 200 3.00 300 CDN/gj 250 32% 150 2.50 200…
  10. Peters and Co Energy Conference – Bonavista Energy Corp – slide 10
    2016 STRATEGIES - PROTECTED Diversifying natural gas sales beyond AECO: 1.40 2,500,000 1.20 2,000,000 1.00 0.80 1,500,000 0.60 1,000,000 /month /GJ 0.40 500,000 0.20 0.00 0 -0.20 -500,000 -0.40 -0.60…
  11. Peters and Co Energy Conference – Bonavista Energy Corp – slide 11
    2016 STRATEGIES - EFFICIENT Efficiency through concentration in core areas: 2008 Land Position 2012 Land Position Current Land Position Deep Basin Deep Basin Deep Basin Bonavista Lands Sept/16 Asset Exchange West Central…
  12. Peters and Co Energy Conference – Bonavista Energy Corp – slide 12
    2016 STRATEGIES - EFFICIENT Concentrated production and spending in our core areas: Production (mboe/d) E&D Capital ( millions) 100% 100% 53 55 66 69 69 73 77 79 69-70 306 204 349 454 402 444 640 314 160 90% 90% 80% 80% 70% 70%…
  13. Peters and Co Energy Conference – Bonavista Energy Corp – slide 13
    2016 STRATEGIES - EFFICIENT Improving our costs to develop and operate our assets: Finding & Development Costs (/boe) * Production Efficiencies (/boepd)** 15.00 19.11 30,000 60% 28,000 46% 26,000 12.50 24,000 22,000 10.00…
  14. Peters and Co Energy Conference – Bonavista Energy Corp – slide 14
    2016 STRATEGIES EFFICIENT Controlling our costs: 14.00 12.20 12.00 10.00 Cash costs (/boe) 8.00 8.00-9.00 6.00 4.00 2.00 0.00 2014 2015 2016E 2017F Opex Transportation Interest G&A 17
  15. Peters and Co Energy Conference – Bonavista Energy Corp – slide 15
    ASSET QUALITY 18 All together better.
  16. Peters and Co Energy Conference – Bonavista Energy Corp – slide 16
    CAPITAL ALLOCATION 100% of E&D spending in two core areas: 2 core areas, Wells Expenditures* % of Value 4 key plays Gross Net ( millions) Expenditures Inventory West Central 26 23.0 66 50 856 Hoadley Glauconite 18 15.0 42 32…
  17. Peters and Co Energy Conference – Bonavista Energy Corp – slide 17
    DEEP BASIN 2016 Development concentrated in the Wilrich and Bluesky: Production (boe/d) 100% Bluesky 2,300 2,100 3,900 7,000 8,300 13,800 17,400 21,500 20,200 80% 2,400 60% 3,600 4,100 40% 2,400 20% 1,600 600 1,100 3,800…
  18. Peters and Co Energy Conference – Bonavista Energy Corp – slide 18
    DEEP BASIN - ANSELL WILRICH Continually more efficient: Average production per well Average costs* per well 6,000 Down 1,200 1,000 5,000 17%** 800 4,000 1H 2016 boe/d 000s 600 3,000 400 Up 2,000 1H 2015 200 41%…
  19. Peters and Co Energy Conference – Bonavista Energy Corp – slide 19
    DEEP BASIN - ANSELL WILRICH Reducing costs through facility ownership: Operating Costs (/boe) 8.00 60 mmcf/d compression and processing facility commissioned in Q3 2015 6.00 4.00 Forecasting to expand to 120 mmcf/d in 2017 2.00…
  20. Peters and Co Energy Conference – Bonavista Energy Corp – slide 20
    WEST CENTRAL 2016 Activity concentrated in the Glauconite and Falher: Production (boe/d) 100% 13,400 18,500 32,800 35,700 38,800 41,400 46,700 48,300 44,300 80% 60% 3,300 3,700 1,700 40% 100 200 100 20% Falher 200 2,300 7,400…
  21. Peters and Co Energy Conference – Bonavista Energy Corp – slide 21
    WEST CENTRAL - HOADLEY GLAUCONITE Continually more efficient: Average production per well Average costs* per well Down 3,000 3,000 2,500 2,500 20% 2,000 2,000 Raw gas (mcf/d) 1H 2016 000s 1,500 1,500 1,000 1H…
  22. Peters and Co Energy Conference – Bonavista Energy Corp – slide 22
    MORNINGSIDE FALHER Continually more efficient: Average production per well Average costs* per well Down 3,000 5,000 4,000 2,500 26% 2,000 Raw gas (mcf/d) 3,000 000s 1H 2016 1,500 2,000 1,000 1,000 Up…
  23. Peters and Co Energy Conference – Bonavista Energy Corp – slide 23
    PLAY CHARACTERISTICS Competitive economics**: Wilrich Bluesky Glauconite Falher Lateral length (miles) 1.5 1.0 Avg. 1 and 1.5 1.0 Capital ( millions) * 4.7 3.7 2.8 2.4 EUR (mboe) 983 577 597 477 F&D (/boe) 4.73 6.43 4.68 4.99…
  24. Peters and Co Energy Conference – Bonavista Energy Corp – slide 24
    KEY PLAY RETURNS Sensitivities: 2017 strip price at September 6, 2016 90% Key play economics 80% resilient in a low 70% commodity price environment Internal Rate of Return 60% 50% 40% 30% Morningside Falher 20%…
  25. Peters and Co Energy Conference – Bonavista Energy Corp – slide 25
    SUMMARY 2016 Priorities: Improve financial flexibility Reduce net debt by approximately 350 million Demonstrate sustainability Total payout ratio of 42% with minimal production decline Protect funds from operations Hedged…

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